BofA punked by fake website

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Yourbofa.com screen grab

A fake letter from Bank of America CEO Brian Moynihan invites BofA customers to take control of the bank's destiny: "When the day comes that you, the American taxpayer, own this bank. ..."

Sarah Coffey

Financial Reporter - Boston Business Journal

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Someone went to a lot of trouble to get out their apparent anger at Bank of America    Bank of America Latest from The Business Journals Follow this company (NYSE: BAC).

An unknown group created the website yourbofa.com, which included a "personal letter from our CEO," purported to be written by BofA CEO Brian Moynihan. By late Wednesday morning the site had been flagged in web browsers as a reported web forgery. A Bank of America spokesman said the bank was looking into the matter.

The "letter from Moynihan" said, in part:

"Today, it's time to acklowledge that our Bank isn't working anymore -- not just for the market, but for people, our real customers. We've paid $8.58 billion in relief to borrowers and $3.24 billion in fines. We face lawsuits and claims from citizens, companies and state and local governments. There is even a position with the Federal Reserve to break up our bank, adding yet more uncertainly to our position. Finally, we've found ourselves front-and-center in the national foreclosure crisis, and deep in unpopular investments like coal, at a time when climate change is a growing concern.

As a result, our company's shares have fallen precipitously, and now trade at one-fifth their 2008 price. Our Bank may, in fact, soon need help keeping afloat -- and much as in 2008, you, the American taxpayer, will be asked to provide that assistance."

It's unclear who created the website or posted it, and so far no one has claimed responsibility. The url registry service whois.com links the site to one Frank Hephendirk. Whois.com lists the same name in connection with another BofA-related site, thenewbofa.com, which is blank. Efforts to reach Hephendirk were not immediately successful.

The yourbofa.com "About Us" tag took readers to a page that said:

"Born in the rubble of the great San Francisco earthquake of 1906, the story of Bank of America is the story of America. From handshake loans to complex derivative contracts, from the boom and bust commodities market of the early 20th century, to the red hot real estate market of recent years, Bank of America is the American dream writ large: humble yet bold. Both America’s neighborhood bank - and one of the largest financial institutions in the world.

And as America is adapting to change, Bank of America is too. With businesses across America emerging from the economic downturn leaner, more efficient and ready to grow, some companies see the opportunity to make acquisitions and others to expand into new growth areas. For years, even after the recent economic downturn, we too looked to growth as a reason in itself for being. But the results have given us pause - despite major acquisitions, and a number of restructurings, Bank of America stock has lost 75-80% of its value in five years, returning weak profits and ending in a near-junk credit rating.

Bankers are paid to see the writing on the wall - the future. And in Bank of America’s case it’s highly likely that the future involves federal receivership - a new relationship with the American taxpayer. As such we look to the future both chastened, and with a renewed sense of possibility. As the residents of earthquake stricken San Francisco dug themselves out of the rubble through elbow grease and cheap credit, Your Bank of America is rolling up its sleeves, and getting to work. We can’t wait to see what the future holds."

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